California Education Code

§ 89505

EDC § 89505Div. 8 · Title 3 · Part 55 · Ch. 5 · Art. 1

Statute text

The trustees, subject to such conditions as they may establish, may purchase annuity contracts for any of their employees, and shall reduce the salary of any such employee for whom such contract is purchased in the amount of the cost thereof; provided that each of the following conditions are met:

(a)The annuity contract is under an annuity plan which meets the requirements of Section 403(b) of the Internal Revenue Code of 1954 of the United States as amended by the Employment Retirement Income Security Act of 1974 (P.L. 93-406).

(b)The employee makes application to the trustees for such purchase and reduction of salary.

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Legislative history

Amended by Stats. 1979, Ch. 1072.